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Just a couple of data points: 1. El Salvador still has more gold in its reserves than Bitcoin 2. The bitcoin holdings are less than 2% of its total reserves Ha

Just a couple of data points: 1. El Salvador still has more gold in its reserves than Bitcoin 2. The bitcoin holdings are less than 2% of its total reserves Hate or love Bitcoin, rationally - the downside is they spent 2% of their treasury on a marketing campaign and got some back through enabling cheap money transfers. To be honest, the IMF is proving its idiocy by making this a big deal.

NicoJuicy 5y ago
What are the sources of those "data points"? As far as I can tell, that 2% didn't return anything and even plumbed the rating of their bonds with public funds during a crisis, the reality is they currently need all their money. A lot more is going wrong ofc: Money is disappearing from their chivo wallet - https://mobile.twitter.com/_elcomisionado_/status/1472326380620632064 https://mobile.twitter.com/_elcomisionado_/status/1472326380... Bitcoin fees are subsidized - https://www.elsalvador.com/noticias/negocios/el-salvador-bitcoin-chivo-wallet-bukele-comerciantes/910079/2021/ https://www.elsalvador.com/noticias/negocios/el-salvador-bit... Chivo went down with AWS - https://www.elsalvador.com/noticias/negocios/chivo-wallet-empresa-bukele-amazon/909931/2021/ https://www.elsalvador.com/noticias/negocios/chivo-wallet-em... Chivo is based on mongodb, that doesn't even have data integrity - https://bitcoinist.com/from-the-ground-anita-posch-bitcoin-el-salvador/ https://bitcoinist.com/from-the-ground-anita-posch-bitcoin-e... Bitcoin Remittances are only 5% of the market - https://www.elsalvador.com/noticias/negocios/el-salvador-bitcoin-remesas-familiares-bcr-chivo-wallet/910438/2021/ https://www.elsalvador.com/noticias/negocios/el-salvador-bit... - barely even worth mentioning. They have more than that entire market in BTC holdings. Cabinet is sentenced for corruption - https://www.elsalvador.com/noticias/negocios/chivo-wallet-carolina-recinos-estados-unidos-sanciones-a-funcionarios-de-bukele/908463/2021/ https://www.elsalvador.com/noticias/negocios/chivo-wallet-ca... The money that is brought in, is mostly money laundering and I'm expecting that will have big consequences. Most importantly, remittances are more expensive with Bitcoin! https://qz.com/2058676/remittances-to-el-salvador-are-cheaper-without-using-bitcoin/ https://qz.com/2058676/remittances-to-el-salvador-are-cheape... The continued promotion of buying the new dips of BTC could become a real risk. Ps. Gold reserves are lower than Bitcoin holdings because of the recent Bitcoin drop, lol. ( 79 million in gold) - - https://m.timesofindia.com/business/cryptocurrency/bitcoin/bukele-reveals-el-salvadors-gold-reserves-and-benefits-of-bitcoin-over-gold/articleshow/88142021.cms https://m.timesofindia.com/business/cryptocurrency/bitcoin/b...

NicoJuicy 5y ago

What are the sources of those "data points"? As far as I can tell, that 2% didn't return anything and even plumbed the rating of their bonds with public funds during a crisis, the reality is they currently need all their money. A lot more is going wrong ofc: Money is disappearing from their chivo wallet - https://mobile.twitter.com/_elcomisionado_/status/1472326380620632064 https://mobile.twitter.com/_elcomisionado_/status/1472326380... Bitcoin fees are subsidized - https://www.elsalvador.com/noticias/negocios/el-salvador-bitcoin-chivo-wallet-bukele-comerciantes/910079/2021/ https://www.elsalvador.com/noticias/negocios/el-salvador-bit... Chivo went down with AWS - https://www.elsalvador.com/noticias/negocios/chivo-wallet-empresa-bukele-amazon/909931/2021/ https://www.elsalvador.com/noticias/negocios/chivo-wallet-em... Chivo is based on mongodb, that doesn't even have data integrity - https://bitcoinist.com/from-the-ground-anita-posch-bitcoin-el-salvador/ https://bitcoinist.com/from-the-ground-anita-posch-bitcoin-e... Bitcoin Remittances are only 5% of the market - https://www.elsalvador.com/noticias/negocios/el-salvador-bitcoin-remesas-familiares-bcr-chivo-wallet/910438/2021/ https://www.elsalvador.com/noticias/negocios/el-salvador-bit... - barely even worth mentioning. They have more than that entire market in BTC holdings. Cabinet is sentenced for corruption - https://www.elsalvador.com/noticias/negocios/chivo-wallet-carolina-recinos-estados-unidos-sanciones-a-funcionarios-de-bukele/908463/2021/ https://www.elsalvador.com/noticias/negocios/chivo-wallet-ca... The money that is brought in, is mostly money laundering and I'm expecting that will have big consequences. Most importantly, remittances are more expensive with Bitcoin! https://qz.com/2058676/remittances-to-el-salvador-are-cheaper-without-using-bitcoin/ https://qz.com/2058676/remittances-to-el-salvador-are-cheape... The continued promotion of buying the new dips of BTC could become a real risk. Ps. Gold reserves are lower than Bitcoin holdings because of the recent Bitcoin drop, lol. ( 79 million in gold) - - https://m.timesofindia.com/business/cryptocurrency/bitcoin/bukele-reveals-el-salvadors-gold-reserves-and-benefits-of-bitcoin-over-gold/articleshow/88142021.cms https://m.timesofindia.com/business/cryptocurrency/bitcoin/b...